Marks & Spencer posts uplift in half year sales
Marks & Spencer has posted an uplift in half year sales and profit after it benefited from “robust” trading within its food and clothing businesses.
In the six months to 1 October, statutory pre-tax profit rose to £208.5 million from £187.3 million in the prior year.
However, pre-tax profit before adjusting items came in at £205.5 million compared to £269.4 million in the previous year after the retailer invested in food prices and was hit by higher costs.
Sales within M&S’s food business rose by 3% on a like-for-like basis in the period as it generated particularly strong growth in hospitality and franchise sales compared with last year.
In addition, the retailer’s clothing and home business posted a like-for-like uplift of 13.7%.
Meanwhile, group revenue climbed by 8.5% to £5.5 billion.
M&S said trading in the first four weeks of its second half is in line with forecasts, with clothing and home sales up 4.2% and food sales rising by 3%.
Looking ahead, Stuart Machin, M&S chief executive, said: “This progress means we face into the current market headwinds with an increased resilience and level of confidence. Looking beyond the current stormy weather, much is in our control and our mandate is clear – to step up the pace, accelerate change, drive a simpler, leaner business and invest in growth opportunities to build a reshaped M&S.”
